On 9 February 2022, a meeting was held between a representative of the Embassy of Hungary in Lithuania and the National Energy Regulatory Council (NERC) to discuss the latest developments in the Lithuanian gas and electricity markets.
This meeting continued the dialogue between NERC and the Embassy of Hungary, which was first established in February 2020 when NERC hosted a meeting between representatives of Lithuania and Hungary to exchange best practices and explore opportunities for bilateral cooperation in the energy sector.
During the meeting, NERC representatives reviewed the changing electricity trading environment in the Baltic region following Lithuania's approval of the methodology on cross-zonal capacity calculation and allocation with third countries.
Furthermore, an update was given on the progress of Lithuania's strategic gas and electricity projects, including LitPol Link, Harmony Link, and GIPL. It was underlined that these projects will play an important role in the synchronization of the Baltic countries with the Continental European Synchronous Area (CESA) and will contribute to strengthening the energy independence of Lithuania, Poland, and the other countries of the Baltic Sea region.
Regarding the rising energy prices, the representatives of NERC informed about the amendment to the Laws, which gives NERC the possibility to take specific measures to ensure the stability of electricity and natural gas prices for household consumers. In addition, the postponement of the ongoing process of liberalization of the retail electricity market was presented as a long-term measure to manage high energy prices.
The meeting provided an opportunity to further develop bilateral cooperation, which both the representatives of NERC and the delegate of the Embassy of Hungary in Lithuania identified as valuable. It was agreed to maintain bilateral communication and to provide up-to-date information on developments in the Lithuanian energy markets through future exchanges.